The Wavestation SR is the last hardware synthesizer in the Wavestation series and has the greatest technical capabilities of any of the Wavestation line and is the only one that is compatible with the 01/W expansion cards. Its additional preset memories include sounds from expansion cards previously released by Korg and Sound Source Unlimited.

The Wavestation SR lacks a vector joystick and needs an external controller to take full advantage of its abilities. It pairs nicely with a Yamaha vector synthesizer, such as the SY22, SY35, or TG33 and can be controlled with the MIDI joystick data transmitted by those devices.